Survivorship Life Insurance

Life insurance terminology shouldn't be confusing. Here is the definition of survivorship life insurance.

Survivorship life insurance

A permanent life policy designed to cover two insureds that pays a death benefit when the second insured dies. This is often purchased to protect heirs from paying estate taxes. Also known as "second-to-die insurance." The underwriting is more lenient than for individual policies, meaning it can sometimes be used by couples to buy life insurance when one half of the couple would otherwise be uninsurable.


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